Today, another major player announced it is leaving the wholesale mortgage market.

 

HSBC, a major player in the mortgage industry announced it is pulling out of wholesale lending as of November 18^th.  All loans in the wholesale division must close and fund by January 20^th.  To all consumers, if your loan is with HSBC through a mortgage banker make sure you lock your interest rate by December 2^nd and close it by January 20^th.  Also, make sure you have a backup plan.  Things turn on a dime!

 

This unfortunate news tells us that the industry continues to collapse under the direction of the current government.  Paulson and friends have been unable to stabilize the market to date.  As his clock ticks and he continues to sweat on Capitol Hill, capitalism crumbles before us.

 

I have appreciated the professionalism and great rates of HSBC for so long, it will surely be missed.  I thank my representative Ginny and her team for years of hard work. The best of luck to you all!

 

 

Dale Siegel